BUZZ-Palo Alto rebounds as CEO buys Anthropic-induced stock slide

Reuters03-31 03:00
BUZZ-Palo Alto rebounds as CEO buys Anthropic-induced stock slide

** Cybersecurity firm Palo Alto Networks PANW.O shares bounce 4.6% to $153.83 in Mon afternoon trading after CEO discloses buying $10 mln worth of stock while it slid on Fri

** PANW shares tracking biggest one-day pct gain since 13.4% jump on Apr 9, 2025

** According to regulatory filing late Fri, CEO Nikesh Arora purchased 68,085 shares in range of $146.87-$147.48 apiece

** Transactions boosted Arora's direct PANW ownership to 343,394 shares. He indirectly owned 32,010 shares through an investment entity and 726,542 shares via an annuity trust, according to the filing

** Insider buying is generally viewed by investors as a bullish signal and a show of confidence in a firm's business prospects

** PANW shares lost 6% on Fri, while the likes of CrowdStrike CRWD.O also tumbled, after a report that AI startup Anthropic developing a new advanced model called "Claude Mythos" that presents potential security risks

** Santa Clara, California-based PANW has ~816 mln shares outstanding

** Even with advance on the session, stock down ~17% YTD vs 13% drop in S&P 500 Tech index .SPLRCT and ~7% decline for S&P 500 .SPX

** Avg rating of 56 analysts covering the stock is "buy"; median PT $210, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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